Tag: Tradition

Tradition

Marcus Steps Down at Tradition

Market sources say that Dan Marcus, co-head of the UK operations of inter-dealer broker Tradition and CEO of ParFX, is leaving the firm. His departure coincides with the firm announcing strong first quarter financial results as it benefited from the volatility in financial markets. Marcus joined Tradition in 2007 as general counsel, from a similar […]

Tradition Sees SOFR Demand Rising

Inter-dealer broking firm Tradition says it has seen a “strong increase” in trading activity linked to the secured overnight financing rate (SOFR). During January, the firm says that SOFR-linked trades facilitated by its voice brokers and executed on its hybrid and swap execution facilities in the US accounted for approximately 65% of all inter-dealer broking on-SEF […]

Wink to Join Tradition

Angus Wink is set to join Tradition in a London-based senior management role in early 2020. Wink will be reporting to the firm’s London co-heads, Mike Anderson and Dan Marcus. “We look forward to Angus lending Tradition his expertise in the broking industry,” says Anderson. Wink previously spent over seven years as the CEO of […]

Tradition Brokers First AUD/USD Swap Trade on LCH SwapAgent

Tradition has facilitated the first brokered AUD/USD cross-currency swap trade using LCH SwapAgent, a service designed to simplify the processing, margining and settlement of non-cleared derivatives. The AUD/USD trade was executed between Mitsubishi UFJ Financial Group (MUFG) and another counterparty on November 20. Nathan Ondyak, global head of LCH SwapAgent, comments: “Since launching in 2017, […]

TraditionDATA Partners with Numerix for FX Data

TraditionDATA, the market data and information services division of Tradition, has partnered with Numerix to expand its FX market data coverage. By teaming up with Numerix, a provider of technology solutions and real-time intelligence capabilities for trading and risk management, TraditionDATA is seeking to leverage its analytics expertise and create derived data for more than […]

Tradition Revamps its Market Data Business

Tradition has its revamped its market data and information services division, TraditionDATA, which will now offer more flexible data packages. The brokerage firm spent 2018 restructuring its market data business, which included the appointment of a new executive management team led by Scott Fitzpatrick, a rebranding of the business, modifications to its pricing model, adding […]

FX Volumes on SEFs Up In January

The average daily volume (ADV) of spot FX traded on Swap Execution Facilities (SEFs) in January was $61.2 billion, up month-on-month from $49.8 billion and up 5.5% from $58 billion in January 2018.This represents the third highest month of ADV ever, behind June and March 2018, when the platforms registered a total of $62.9 billion and $61.3 billion, respectively. Tullett Prebon’s SEF saw the most FX volume, with an ADV of $15.8 billion going through its platform last month. The next biggest by volume was the BGC SEF, which recorded an ADV of $12.4 billion in FX, followed by Tradition and GFI, which both recorded $9.4 billion.

FX Brokerage Announces Raft of Senior Hires

DeepWell Liquidity Management, a London-based agency broker, has added seven senior market professionals to its team across three continents as it eyes growth and expansion into different asset classes.

Launched in September 2017 as a subsidiary of Tradition, DeepWell offers global coverage across a range of OTC and exchange-traded FX products, including spot, forwards, options and futures.

The broker says that it has experienced high demand for its bespoke service from buy-side institutions and investors since launch, and now employs 15 staff members across Europe, Americas and Asia Pacific. The new hires will be based in London, New York, Singapore and Sydney.

Adams Exits ParFX

Campbell Adams has left Tradition’s ParFX where he was head of market.
Adams has played a central role in the development of ParFX as it was his concept of the randomised “speed bump”, or a non-deterministic pause before an order is placed into the matching engine, that drove the initial project – Pure FX – that ultimately became ParFX.
Adams joined Tradition when the brokerage firm took over control of what was then named TraFXPure from a consortium of banks that had funded the initial development phases under Adams’ direction.

Tradition Extends Trade Compression to Uncleared Margin in FX

Inter-dealer broker Tradition says it has delivered an initial margin optimisation in FX, after extending its partnership with compression and analytics provider LMRKTS.
The two firms announced a strategic partnership in 2016 to handle execution and compression processing for G10 FX forwards and they say in February they completed a Standard Initial Margin Model optimisation for NDFs with a group of Tradition’s clients.
Tradition says it used its existing infrastructure and connectivity, in combination with LMRKTS’s analytics, to provide the end-to-end service for participants.